Small-business lending rose 18 percent in January, the Thomson Reuters/PayNet Small Business Lending Index reports. We're still down from the high point hit four years back, but the index has been up double digits for 18 straight months.

Some entrepreneurs could just be sucking cash out of their businesses before leaving their sinking ships. Definitely wouldn't be the first time that's happened.

But in general, debt isn't a good thing for small businesses, particularly if it's high-interest credit-card debt. I think we'll have to wait and see whether small businesses are going to spend more to get more or whether they've just borrowed more.

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